Stevens v. . Mutual Life Ins. Co.
New York Court of Appeals
Appeal from a judgment of the Appellate Division of the Supreme Court in the fourth judicial department, entered June 13, 1918, affirming a judgment in favor of plaintiffs entered upon a verdict directed by the court. The nature of the action and the facts, so far as material, are stated in the opinion.
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Appeal from a judgment of the Appellate Division of the Supreme Court in the fourth judicial department, entered June 13, 1918, affirming a judgment in favor of plaintiffs entered upon a verdict directed by the court. The nature of the action and the facts, so far as material, are stated in the opinion. The defendant was not required to make any demand for payment of the loan or interest or give the insured notice of cancellation, or, having canceled, to give notice of the application of the cash surrender consideration to the payment of the loans, or that there was a surplus. (Clare v.…
1Opinion of the CourtAndrews, J.
On May 16, 1914, Frederick C. Stevens held five paid-up life policies issued by the Mutual Life Insurance Company. On that day he borrowed from the company $1,837 on each policy and executed five notes ¡n each promising to pay that sum and' interest on January 24,1915, and in each stating that he had deposited with and assigned to the company as collateral security one of such policies and agreeing that if he failed to repay the note or interest when due the company “ without further notice and without further demand for payment may cancel said policy as of the date of default ” and apply to…
2Cases cited1 opinion
- Clare v. . Mutual Life Ins. Co.New York Court of Appeals · 1911
3Cited by11 opinions
- Kimball v. New York Life InsuranceSupreme Court of Vermont · 1924
- Cole v. Manufacturers Trust Co.New York Supreme Court · 1937
- Penn Mut. Life Ins. Co. v. BancroftSupreme Court of Alabama · 1922
- Hammond v. Volunteer State Life InsuranceCourt of Appeals of Georgia · 1933
- Jones v. Mutual Life Ins. Co.Supreme Court of Alabama · 1927
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